VISAKHAPATNAM: Despite the challenges posted by the Covid-19 pandemic, the Indian Institute of Management-Visakhapatnam has completed the summer placement drive for the MBA 2023 batch with global firms offering internships to all its participating students.

The highest stipend offered to a student stood at Rs 3.5 lakh for the two-month internship, witnessing a staggering 75% increase over the last year. The average stipend across the batch is Rs 57,700.

Director, IIM-Visakhapatnam, Prof M Chandrasekhar, said that overcoming challenges is a way of life at IIM Visakhapatnam. “With students combining their competence and confidence with resilience and resoluteness, success is always a given. I congratulate our young talent for making the Institute proud, yet again. I strongly believe that our student-cohort will make a useful contribution to the operations of their recruiters, whom I thank profusely for the good learning opportunities provided,” said Prof Chandrasekhar.

Career Development Services Chair, Prof Deepika Gupta, said that the success tastes sweeter, as 80% of the batch comprises fresh graduates. “With students quickly getting adjusted to the online academic rigour and demonstrating excellent performance, the seemingly tough task was achieved with ease. I must place on record that the able support from the PlaceCom, CDS Office and other stakeholders helped us script this success story. My gratitude to the Institute family at large, for their contribution to this high accomplishment,” said Prof Deepika.

IIM-Vizag witnessed enthusiastic participation by new and existing recruiters spread across industries and domains. Held on a rolling basis, the summer placement season witnessed more than 60 companies participating in the process and making multiple offers. IT.ITeS continued to bet big on fresh talent accounting for 27% of the total offers made, followed by BFSI (22%), consulting (12%), manufacturing (10%), EdTech (10%), e-Commerce (5%) and other sectors like FinTech and FMCG.

Prominent recruiters that reposed confidence in the Institute’s talent include Microsoft, KPMG, YES Bank, ICICI Bank, Bosch, D.E. Shaw, Cognizant, ThermoFisher, ICICI Lombard, Mahindra Logistics, Latent View Analytics, Dalmia Bharat, TVS Credit, ArcelorMittal Nippon Steel, HPCL and NSDC.

“We thank all of our esteemed recruiters for their continued support and consideration of our fellow students for coveted roles. We have a sense of fulfilment having facilitated the careers of our MBA 2022 and 2023 batch-mates and congratulate them for proving their mettle. The record-breaking results they produced across the drives makes us happier. With the pandemic on the wane, we are looking forward with excitement to the visit of our recruiters for the next placement round, to our campus in Visakhapatnam, the city of destiny,” said the placement committee.